Freeport-McMoRan (NYSE:FCX) Given New $46.00 Price Target at Raymond James Financial

Freeport-McMoRan (NYSE:FCX) had its price objective decreased by Raymond James Financial from $55.00 to $46.00 in a research report sent to investors on Thursday morning, Marketbeat Ratings reports. Raymond James Financial currently has an outperform rating on the natural resource company’s stock.

Several other analysts also recently weighed in on the company. Bank of America downgraded Freeport-McMoRan from a “buy” rating to a “neutral” rating and set a $42.00 target price for the company. in a research note on Wednesday. BMO Capital Markets lowered their price objective on Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating for the company in a research note on Wednesday. Clarkson Capital reaffirmed a “neutral” rating and issued a $42.00 target price on shares of Freeport-McMoRan in a research report on Thursday. BNP Paribas Exane raised their price target on shares of Freeport-McMoRan from $52.00 to $56.00 and gave the stock an “outperform” rating in a research report on Monday, September 15th. Finally, Royal Bank Of Canada lifted their price target on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the stock a “sector perform” rating in a research note on Wednesday, June 4th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.00.

Freeport-McMoRan Stock Down 6.1%

Shares of NYSE:FCX opened at $35.38 on Thursday. The company has a market capitalization of $50.80 billion, a price-to-earnings ratio of 26.80, a price-to-earnings-growth ratio of 0.70 and a beta of 1.59. The company has a 50 day moving average of $43.28 and a two-hundred day moving average of $40.53. Freeport-McMoRan has a 52-week low of $27.66 and a 52-week high of $52.61. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.09. The business had revenue of $7.58 billion for the quarter, compared to analysts’ expectations of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.46 earnings per share. As a group, analysts forecast that Freeport-McMoRan will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan’s payout ratio is currently 22.73%.

Institutional Investors Weigh In On Freeport-McMoRan

Institutional investors have recently modified their holdings of the business. Nuveen LLC bought a new stake in Freeport-McMoRan in the first quarter valued at $366,959,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in shares of Freeport-McMoRan by 89.4% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 17,569,169 shares of the natural resource company’s stock worth $761,623,000 after acquiring an additional 8,292,873 shares during the period. Amundi lifted its position in Freeport-McMoRan by 28.1% in the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock valued at $1,046,280,000 after purchasing an additional 6,054,537 shares during the last quarter. Crake Asset Management LLP lifted its position in Freeport-McMoRan by 2,140.8% in the 1st quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company’s stock valued at $224,496,000 after purchasing an additional 5,665,000 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in Freeport-McMoRan by 17.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock valued at $1,421,549,000 after purchasing an additional 5,661,958 shares during the period. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.